First Candle Channel

To create a price channel on the 15-minute timeframe based on the first candle's highest and lowest points, follow these steps:

Identify the first 15-minute candle of the trading session or your observation period.

Note the high and low prices of this first candle.

Draw two horizontal lines on the chart:

The upper line at the highest price of the first candle.

The lower line at the lowest price of the first candle.

These two lines form the channel boundaries for subsequent price action.

You can use this channel to observe price movement, noting when price breaks above (bullish breakout) or below (bearish breakdown) the channel formed by the first candle.

This method creates a simple visual range reference based on the initial price movement of the session or period, often used to gauge early strength or rarity of breakout events.